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Thriving Family
Focus on the Family
8605 Explorer Dr.
Colorado Springs, CO 80920

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Because of their lack of communication, the entire family was miserable, and the main goal of enjoying a fun, memorable vacation was thwarted. If Bob and Mary had only known how to be more honest and open about their financial decisions, their costly trip to California could have been worth every penny.

This story is all too common. In fact, most couples are able to recount similar experiences of poor financial communication. Talking about money doesn't always come naturally, but the following tips can make the process a little easier:

Identify each other's money personality.

Your money personality is the way you naturally tend to handle money. It is not a skill, such as making a budget or balancing a checkbook, but rather a predisposition toward finances. For example, you might be a spender, saver, risk taker or security seeker. As you identify money personalities, avoid making value judgments. No personality is more desirable than another, and each has its own strengths and weaknesses.

Do a money dump.

Lay out all your thoughts and concerns about money. Talk about what each person is bringing to the table as far as debt, spending habits, future financial goals, and so on. If one person is ruining your credit score, address the issue. If one of you is frustrated at having to report to the other about each coffee purchase, talk about it. In short, get it all out.

Have frequent money huddles.

You need to talk regularly about your finances. Even if one person is managing the money, both spouses need to give input about budgeting and spending. It is also wise to set a limit on how much each of you can spend without the other's approval. This keeps you both accountable and reduces surprises on bank statements. As your financial communication improves, money woes and marital tension can be sent packing, creating a more blissful home.